In yesterday’s trading SOL/USD tested long term price levels not sincerely tested since April of 2021, a slight reversal higher than took Solana to a short term high of nearly 30.0000.

SOL/USD continues to produce fast trading conditions. As of this writing, SOL/USD is near the 28.5000 ratio, but price action is fast as important support levels are certainly within view and are being challenged. In early trading yesterday, Solana briefly broke below the 26.0000 mark, but a reversal higher took SOL/USD actually above the 30.0000 momentarily.

Intriguingly SOL/USD remains above its price levels from February and March of 2021. While most other major cryptocurrencies are testing values with more distant time ratios, SOL/USD has not experienced a complete collapse of its price band quite yet. The ability to stay above the lower prices as last year’s over exuberance developed in the broad cryptocurrency market makes SOL/USD worthy of consideration for speculative wagers.

If a trader remains skeptical about the values of SOL/USD within the bearish trend which is being demonstrated, they may be tempted to believe lower depths await Solana. While the 26.0000 was challenged for a moment yesterday, SOL/USD could not puncture the mark lower. Current price action which shows SOL/USD above the 28.0000 could look like a value which may prove vulnerable, if more selling escalates in the broad cryptocurrency market.

Traders who have a speculative taste for adventure need to use their risk taking tactics wisely.  SOL/USD moves exceptionally fast in normal times, so entry price orders are needed to make sure the fill meets expectations in the wildly volatile conditions now being experienced. If a speculators chooses to short SOL/USD near the current price ratios above 28.5000 and look for downside they cannot be blamed.

If the 28.0000 mark were to be flirted with this could set off another test of values seen yesterday. The 27.5000 to 27.2500 marks seem justifiable as targets for short sellers. If SOL/USD were to fall below the 27.0000 juncture, traders who are participating with selling positions should not get overly greedy and be willing to cash in winning trades.

SOL/USD remains a major cryptocurrency trade and its price action is fast.  Under the present volatile conditions and bearish trend which has been demonstrated with plenty of force, looking for additional lower depths is the logical choice for traders willing to bet on direction. However, speculators need to understand that the broad digital asset market is producing violent results and conservative trading needs to be practiced.

Solana Short-Term Outlook

Current Resistance: 28.6800

Current Support: 27.5500

High Target: 31.0900

Low Target: 24.9600

ETH/USD did not sell off politely this weekend, it dove through support levels quickly and Ethereum is challenging all traders.

ETH/USD is trading near the 1340.00 price as of this morning. Hopefully, traders with buying positions were using stop loss tactics this weekend, and did not see their entire account get wiped out by the volatility which has been demonstrated. ETH/USD has sunk an astounding amount. When the weekend began, ETH/USD was trading slightly below the 1700.00 mark. Price velocity has been lightning fast and speculators should be braced for additional adventures.

To put the current price of Ethereum into perspective, the price of ETH/USD during a run upwards in one of its first exuberant higher rocket ship like launches hit 1360.00 in January of 2018.  By December of 2018 ETH/USD was touching 70.00. This is not written to suggest ETH/USD is going to fall to 72.00 in the coming months, but it does highlight that nearly 4 and half years ago the price of Ethereum matched its price currently. Buyer beware is a mantra traders may want to repeat.

In the second week of November 2021 ETH/USD was trading at approximately 4850.00. The bearish trend in ETH/USD has been wicked, and traders who are intent on looking for upside momentum to suddenly flourish and be sustained will likely have to be patient. The 1300.00 juncture was flirted with in the early hours of this morning.

If ETH/USD were to break below the 1310.00 level in the short term, that could spark another round of selling today.  The coming week of trading is likely going to produce price fireworks as speculators in Ethereum react to extreme conditions caused by the fragile behavioral sentiment, which is abundant in the broad cryptocurrency markets. As a leader within the market, ETH/USD will be looked to as a road sign also for clues about directions.

If the 1300.00 level is broken and trading cannot be sustained above this juncture, it could create a test of an almost unimaginable (a few weeks ago) 1225.00 value.  Traders who want to continue to look for downside in ETH/USD cannot be blamed, but they should be extraordinarily cautious in the near term. Speculators looking for upside, almost needless to say, should keep their ambitions realistic. While it may be tempting to aim for 1400.00, it may also prove to be costly if buyers do not emerge.

ETH/USD has entered the landscape of vast volatility and traders should prepare for more instability ahead. The trend has been lower and it may continue to display power, but wagering on this momentum needs to be done with great care.

Ethereum Short-Term Outlook

Current Resistance: 1381.00

Current Support: 1315.00

High Target: 1445.00

Low Target: 1228.00

The USD/JPY has created a whirlwind for Forex traders as they try to anticipate the gyrations of the Japanese Yen in fast and volatile conditions.

The USD/JPY touched values yesterday it had not traded since January of 2002. A high of nearly 134.540 was achieved before the Forex pair started to reverse off of this lofty height. Please note that the words all-time high were not used, because from May 1998 to September of 1998 USD/JPY traded above its current values. An apex of approximately 147.500 was hit in August of 1998.

While technical traders may not be interested in history lessons, what they are interested in are defined outlooks.  The current value of the USD/JPY is roaming extreme values as the U.S Federal Reserve has undertaken a hawkish monetary stance and contemplates higher interest rates, as the Bank of Japan appears ready to sit on their hands and not react.

However, the inactivity of the BoJ cannot be interpreted as doing nothing. The monetary goals the Bank of Japan has for the USD/JPY are complex, and certainly behind the scenes there must be talk about policy that is ongoing. In the meantime, financial institutions and speculators are left wondering what is going to happen next as the USD/JPY trades without any intervention.

A reversal off of highs yesterday has brought the USD/JPY below the 134.000 mark again. As of this writing the USD/JPY is trading near the 133.850 mark, but conditions are fast, and volatility is a constant threat. Speculators should remain conservative in this environment and choose their entry points to ignite trades carefully. Market orders may get a trader into a wager quickly, but there is a risk that prices fills could produce unexpected results.

The bullish trend of the USD/JPY is likely not over quite yet.  Determining the exact location when the USD/JPY will be overvalued remains difficult to guess. The U.S Federal Reserve is set to raise interest rates and make their pronouncement regarding their outlook for more hikes next week. Traders may get their best results by looking for support levels to be challenged and then launch buying positions to try and capture additional upside momentum.

The USD/JPY is certain to be choppy near term and speculators need to practice risk management. If the USD/JPY were to test the 133.750 to 133.600 levels it may be worthwhile to pursue a buying position that seeks a quick hitting trade upwards to capture a targeted take profit with a realistic goal.

USD/JPY Short-Term Outlook

Current Resistance: 134.150

Current Support: 133.570

High Target: 134.650

Low Target: 132.810

ETH/USD suffered another weekend of strong selling, and its price has shown signs of rapid lower moves as values have broken through key levels.

ETH/USD is trading near the 2450.00 price as of this writing and technically important support levels are being challenged. Ethereum, like most of the other major cryptocurrencies, suffered a weekend of strong selling, and intriguingly ETH/USD has provided quick prices velocity as it made its way lower breaking through key junctures. However spikes have not been violent, but the selling has been consistent.

ETH/USD has shown little ability to sustain a higher move the past week of trading and the inability of the cryptocurrency to maintain value is likely causing greater nervousness as crucial lower prices come into view. If ETH/USD falls below the 2400.00 mark near term, and is not able to climb above this level in a convincing manner, speculators may believe a test of Ethereum’s January 2022 low could be demonstrated. Behavioral sentiment is extremely fragile among traders, and if ETH/USD continues to trade within sight of late February values it could propel speculators to aim for this lower depths.

While the belief that ETH/USD has been oversold may be heard among many long term cryptocurrency backers, day traders are likely not interested in what the price of Ethereum could be six months from now.  The bearish tone within the cryptocurrency market is echoing other global trading conditions as riskier assets have been sold. The question for value seekers is when the tide will turn and prices will move up.

However timing strong reversals remains difficult and day traders may want to simply continue following the trend.  Price movement this weekend did prove fast and there will be more volatility in the days ahead, particularly if technically important support levels continue to be tested and break lower. ETH/USD should be monitored closely. If the 2425.00 level is brushed aside and momentum continues to incrementally nudge towards lower values, traders cannot be blamed for wanting to pursue selling positions.

Speculators need to use their risk management tactics wisely. ETH/USD and other major cryptocurrencies are testing junctures which will likely ignite abrupt price action as they are tested. Traders should choose their leverage cautiously. If ETH/USD falls below the 2400.00 mark, traders may want to continue chasing further declines. The bearish trend in Ethereum appears ready to create potentially cheaper values for the cryptocurrency.

Ethereum Short-Term Outlook

Current Resistance: 2497.00

Current Support: 2427.00

High Target: 2591.00

Low Target: 2316.00